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RBC plans to price offering of market-linked step-up notes on S&P 500
By Devika Patel
Knoxville, Tenn., April 6 – Royal Bank of Canada intends to price market-linked step-up notes due April 2020 linked to the S&P 500 index, according to an FWP with the Securities and Exchange Commission.
If the index finishes at or above the step-up value – expected to fall between 109% and 115% of the initial level – the payout at maturity will be par of $10 plus the index gain. The exact step-up value will be set at pricing.
If the index is unchanged or gains by up to the step-up level, the payout will be par plus the step-up payment that is expected to fall between 9% and 15% and will be set at pricing.
Investors will lose 1% for each 1% decline of the index from its initial level.
BofA Merrill Lynch is the agent.
The notes will price in April and settle in May.
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